Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
In transfer pricing benchmarking for contract R&D support services, the Tribunal held that the expression "persistent loss-making" could not exclude comparables that had losses only in earlier years but profits in the year under review; Micro Therapeutic Research Labs Ltd. and Choksi Laboratories Ltd. were therefore to be retained as comparables. It also held that quantitative turnover filters may be relaxed pragmatically where deviation is marginal and functional comparability is otherwise undisputed; Micro Therapeutic Research Labs Ltd. was included despite exceeding the upper threshold only slightly. On inclusion of these comparables, the assessee's margin was found to be within the arm's length range, so the transfer pricing adjustment was deleted. Interest was consequential and initiation of penalty was premature.
In transfer pricing benchmarking for contract R&D support services, the Tribunal held that the expression "persistent loss-making" could not exclude comparables that had losses only in earlier years but profits in the year under review; Micro Therapeutic Research Labs Ltd. and Choksi Laboratories Ltd. were therefore to be retained as comparables. It also held that quantitative turnover filters may be relaxed pragmatically where deviation is marginal and functional comparability is otherwise undisputed; Micro Therapeutic Research Labs Ltd. was included despite exceeding the upper threshold only slightly. On inclusion of these comparables, the assessee's margin was found to be within the arm's length range, so the transfer pricing adjustment was deleted. Interest was consequential and initiation of penalty was premature.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
